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Can you answer questions A-F using the data 1. People in real estate are interested in predicting the price of a house by the square
Can you answer questions A-F using the data
1. People in real estate are interested in predicting the price of a house by the square footage, and predictions will vary based on geographic area. We look at predicting prices (in $1000 s) of houses in New York state based on the size (in thousands of square feet). A random sample of 30 houses for sale in New York state with several variables is attached to this assignment. ( 22 ed HomesForSaleNY) Use technology and this attached dataset to answer the following questions: a. Generate a scatterplot with regression line predicting Price from Size. Attach a screenshot of this plot with your homework submission. Is square footage an effective predictor of price for houses in New York? Explain. b. What is the regression equation predicting Price from Size? c. Use StatKey to find a 90% confidence interval for the slope coefficient. What is your interval? d. Interpret that interval, in context, including appropriate units. e. Use the regression equation to find a point estimate for the price of a 2000-square-foot New York home. Show your calculations. Be careful about units, as both variables are measured in thousands. f. Use the prediction output provided for the following. (i) Interpret the 95% confidence interval given. (ii) Interpret the 95% prediction interval given Step by Step Solution
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